Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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S. Korea, China to discuss expanding scope of FTA
South Korea said Tuesday it will hold the seventh round of talks with China this week to discuss expanding the scope of their bilateral free trade agreement (FTA) to better cover the service and investment sectors. The two countries will begin a four-day virtual meeting Tuesday to "speed up" the progress amid the new coronavirus pandemic that has virtually frozen global travel and economic activities, according to the Ministry of Trade, Industry and Energy. The previous meeting was
May 26, 2020
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Korea's consumer sentiment improves in May on eased virus concerns
South Korea's consumer sentiment slightly rebounded in May, central bank data showed Tuesday, apparently on a sharp decline in the number of new COVID-19 infection cases here. The country's composite consumer sentiment index (CCSI) came to 77.6 in the month, up 6.8 points from a month earlier when the index dropped to the lowest level since December 2008, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. "The consumer sentiment
May 26, 2020
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Current account likely to turn to red in 2030 over aging population: KIEP
Due to its fast-aging population and consequently reduced productivity, South Korea will continue to see its current account decline over the years and eventually turn to the red as early as in the next decade, according to a state-run think tank. “The country’s fast-aging demographic trend is likely to reduce the current account surplus or cause a deficit,” the Korea Institute for International Economic Policy said in a report on the impact of demographic change on
May 25, 2020
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Savings banks’ Q1 net profit up 20% on increased interest income
South Korean savings banks reported a 19.4 percent rise in their combined net profit in the first quarter due to increased interest income, data showed Monday. The combined net income of the 79 savings banks stood at 246.3 billion won ($199 million) for the January-March quarter, compared with a profit of 206.3 billion won a year earlier, according to the data from the Financial Supervisory Service (FSS). Their interest income rose 14.2 percent on-year to 1.2 trillion won, while loan-loss pro
May 25, 2020
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BOK's rate cut in the offing, but 'when' still being debated
The Bank of Korea (BOK) will be prodded to further slash its key rate to support the virus-stricken economy, experts said Monday, but when it will push down the base rate to an unknown territory remains to be seen. In a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, 12 out of 18 experts surveyed anticipated to see a rate cut this month. But all but one expected the BOK to cut the rate by a quarter percentage point before the end of September, according to the s
May 25, 2020
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BOK tipped to cut key rate this week: poll
The Bank of Korea (BOK) is widely forecast to trim its policy rate this week amid the growing economic fallout from the new coronavirus outbreak, a poll showed Monday. Twelve out of 18 analysts surveyed in a poll by Yonhap Infomax, the financial news arm of Yonhap News Agency, forecast a rate cut this Thursday when the BOK monetary policy board holds its monthly rate-setting meeting. The central bank froze the benchmark rate at 0.75 percent in April after slashing it to a record low of 0.75 p
May 25, 2020
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COVID-19 pandemic hit low-income households harder in Q1
South Korea’s low-income households were hit hardest by the economic fallout from the novel coronavirus outbreak in the first quarter of this year, data showed Sunday. According to a report from Statistics Korea, average household income for the bottom 10 percent bracket stood at 959,019 won ($773.09) per month, having shrunk by 3.6 percent on-year. Wages earned by the bottom 10 percent income bracket declined by nearly one-third to 165,966 won. For the country as a whole,
May 24, 2020
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S. Korea's consumer goods imports from Japan fall 37% in April
South Korea's imports of consumer goods from Japan plunged 37 percent in April from a year earlier due to Japan's export curbs and the new coronavirus impact on consumer spending, government data showed Sunday. The value of imported Japanese consumer goods fell on-year to $249 million last month as Korean consumers still opt not to buy Japan-made products amid trade tensions between Seoul and Tokyo, and the COVID-19 outbreak, according to the Korea Customs Service (KCS). In particular, impor
May 24, 2020
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S. Korea’s 2020 economic growth to depend on Q2 output: vice finance minister
As South Korea is likely to face a severe economic shock in the second quarter under the novel coronavirus pandemic, the quarterly performance will determine the nation’s growth for the entire year, Vice Finance Minister Kim Yong-beom said Friday. “Shocks are expected to be concentrated in the second quarter,” Kim said during a meeting with senior ministry officials. “As the risks stemming from (the pandemic) prolong, it could evolve into a bigger risk that could sha
May 22, 2020
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S. Korea readies for upcoming ADB annual meeting, chairs online pre-session
Preparing for the Asian Development Bank’s annual meeting to be held in Songdo in September, South Korea’s government on Friday chaired a pre-session to handle key agendas in advance. During the 30-minute teleconference, presided by Korean Deputy Prime Minister and Finance Minister Hong Nam-ki, the board of directors approved the ADB’s annual financial report and reiterated joint efforts for regional prosperity according to the Ministry of Economy and Finance. Earlier in Mar
May 22, 2020
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OLED TV market may post relatively small growth this year: report
The global OLED TV market, led by South Korea's LG Electronics Inc., is expected to post relatively small growth this year, compared with the QLED TV sector, following a disruption in panel supply caused by the novel coronavirus pandemic, a market report showed Friday. The global OLED TV shipment is expected to increase 7.8 percent on-year to 3.375 million units this year, according to display market tracker WitsView, a research division of TrendForce. The figure was a 26.1 percent decrease f
May 22, 2020
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Consumption, small merchants' revenues rise as people use emergency handouts
South Korea's provision of emergency relief funds began to boost private consumption, raising revenues of small merchants hit hard by the new coronavirus pandemic in the first week of the payout, data showed Friday. In a one-off aid program, the government began offering the relief funds totaling 14.3 trillion won ($11.6 billion) to all households last week to help them cope with the economic fallout of the COVID-19 outbreak. Mom-and-pop shops still are suffering from business setbacks due to
May 22, 2020
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S. Korea's Q1 exports of new-industry goods soar despite virus
South Korea's first-quarter exports of eight new-industry goods jumped despite a drop in overall exports due to the new coronavirus pandemic, data showed Friday. Overseas shipments of those products came to $21 billion in the January-March period, up 17 percent from a year earlier, according to the data from the Korea International Trade Association (KITA). They include next-generation semiconductors, biohealth products, electric vehicles, new-energy goods, robots, aviation products and drone
May 22, 2020
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S. Korea to examine FX trading rules to ensure dollar liquidity
SEJONG -- South Korea plans to comprehensively examine its rules on foreign exchange trading as it seeks to ensure dollar liquidity amid lingering uncertainties in global markets over the coronavirus pandemic, Vice Finance Minister Kim Yong-beom said Thursday. Measures to help banks inject more dollars into local markets, including an eased rule on the foreign exchange liquidity coverage ratio (LCR), will be put into place for the time being, Kim said during a meeting with senior officials fr
May 21, 2020
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Producer price index falls for third consecutive month in April
South Korea’s producer price index, which serves as a yardstick for inflation, slipped 0.7 percent on-month in April, extending its decline for the third consecutive month, data from the central bank showed Thursday. The index, which reflects how domestic producers receive price changes regarding their outputs, came to 102.08 last month, which fell from the corresponding and revised figure of 102.82 in March. The figure slipped 1.5 percent on-year. The Bank of Korea said that the index
May 21, 2020
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S. Korea should enhance protection for local industries amid ‘global investment protectionism’: KIEP
While the global market dwindled and corporate assets depreciated amid the COVID-19 pandemic, the limited range and number of companies and assets with growth momentum have gained popularity from investors across borders. In order to keep the balance between economic revitalization and protection of “strategic business assets,” policymakers should raise the threshold for aspiring foreign investors here, according to a state-affiliated think tank. “The preliminary screening pr
May 21, 2020
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Household income grows, but wealth gap widens in Q1
SEJONG -- South Korea's household income rose in the first quarter from a year earlier, but the income gap between the haves and have-nots widened, as the employment situation of the low-income bracket worsened amid the coronavirus pandemic, a report showed Thursday. The average household earned 5.35 million won ($4,357) per month in the first quarter, up 3.7 percent from the previous year, according to the report by Statistics Korea. Household income earned through wages rose 1.8 percent on
May 21, 2020
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W3.5tr post-pandemic recovery plan aims to create at least 550,000 jobs
South Korea’s government vowed Wednesday to swiftly create at least 550,000 new jobs in the public sector as soon as it secures an additional budget of 3.5 trillion won ($2.8 billion). The move came in line with the country’s efforts to brace for economic recovery after the ongoing COVID-19 pandemic. “It is now time to gear up for economic recovery, while maintaining thorough everyday quarantine rules,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a me
May 20, 2020
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Corporate tax revenue to fall in 2020 for first time in 6 years: think tank
South Korea's corporate tax revenue is expected to decline this year for the first time in six years due to the coronavirus impact on major industries, a local think tank said Wednesday. The country's corporate tax revenue rose in the past five years to 72 trillion won ($59 billion) in 2019 from 45 trillion won in 2015, according to the Korea Economic Research Institute (KERI). This year, however, corporate tax revenue could reach an estimated 56.5 trillion won, 12 percent lower than
May 20, 2020
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FX deposits hit 4-month high in April amid volatility
Foreign currency deposits at banks in South Korea reached a four-month high in April, central bank data showed Wednesday, amid market fluctuations caused by the new coronavirus outbreak. Foreign currency deposits here came to $78.18 billion as of end-April, up $2.89 billion from a month earlier, according to the data from the Bank of Korea (BOK). The reading marks the highest since $79.94 billion tallied at end-December. The monthly increase, however, marks a sharp slowdown from a $6.78 billi
May 20, 2020